Scoop has an Ethical Paywall
Work smarter with a Pro licence Learn More
Parliament

Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 

Use infrastructure bank to bring forward investmnt

Use an infrastructure bank to bring forward infrastructure investment

Jim Anderton has been at the centre of both economic development and banking in New Zealand in this decade. He started Kiwibank and the Ministry of Economic Development.

The infrastructure bank is a centre piece of Progressive party plans to stimulate and protect the economy from global financial conditions. The party's economic policy is being released tomorrow.

Jim Anderton says an infrastructure bank would make investment more transparent and accountable, and it would allow private capital to brought in without having to privatise public projects.

"The global financial crisis is a crisis of confidence, where everyone is afraid to lend or invest their cash in case they don't get it back. An infrastructure bank could address this better.

"If you have some money put away you are probably wary of putting it in a finance company. A couple of dozen of them have just failed. But if you could put that money into infrastructure bonds to help build new roads, new energy sources and housing in New Zealand, you would put that money to work and you would have an acceptable degree of risk.

"Labour and National have both said they will speed up investment in infrastructure to keep the economy moving through this slow down. Increasing investment in infrastructure is good idea, but the big problem is making sure we don't return to Think Big investment, where we take on too much debt to pay for projects that aren't economic.

Advertisement - scroll to continue reading

Are you getting our free newsletter?

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.

"Investing through an infrastructure bank will make sure projects are transparent, economic and accountable, and help develop a long term capital investment market in New Zealand."

The idea of an infrastructure bank is part of Senator Barack Obama's plans to stimulate the US economy.

ENDS

Infrastructure_bank_policy.pdf

© Scoop Media

Advertisement - scroll to continue reading
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines


Gordon Campbell: On National Spreading Panic About The Economy


The lure for New Zealand to join the AUKUS military alliance is that membership of only its “second pillar” will still (supposedly) give us access to state of the art military technologies. As top US official Kurt Campbell said during his visit to Wellington a year ago:
...We've been gratified by how many countries want to join with us to work with cutting-edge technologies like in the cyber arena, hypersonics, you can go down a long list and it's great to hear that New Zealand is interested...
More


 
 


Government: Retiring Chief Of Navy Thanked For His Service

Defence Minister Judith Collins has thanked the Chief of Navy, Rear Admiral David Proctor, for his service as he retires from the Royal New Zealand Navy after 37 years. Rear Admiral Proctor will retire on 16 May to take up an employment opportunity in Australia... More


Labour: Grant Robertson To Retire From Parliament
Labour List MP and former Deputy Prime Minister and Minister of Finance Grant Robertson will retire from Parliament next month, and later in the year take up the position of Vice Chancellor of the University of Otago... More

Government: Humanitarian Support For Gaza & West Bank

Winston Peters has announced NZ is providing a further $5M to respond to the extreme humanitarian need in Gaza and the West Bank. “The impact of the Israel-Hamas conflict on civilians is absolutely appalling," he said... More


Government: New High Court Judge Appointed

Judith Collins has announced the appointment of Wellington Barrister Jason Scott McHerron as a High Court Judge. Justice McHerron graduated from the University of Otago with a BA in English Literature in 1994 and an LLB in 1996... More

 
 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

InfoPages News Channels


 
 
 
 

Join Our Free Newsletter

Subscribe to Scoop’s 'The Catch Up' our free weekly newsletter sent to your inbox every Monday with stories from across our network.